Payments/Payments Due Tab

Information about a family partner’s individual payments and payment status for closing fees is tracked on the Payments/Payments Due tab on the Closing Fees screen.

Payment Due pane

Payment status is displayed in the Payment Due pane.

$ Amount -the total amount currently due.
Months - the total number of months of closing fee payments currently due.

Paying Closing Fees check box

When the Paying Closing Fees box is checked, this means the selected family partner is in the process of fulfilling their closing fee payment obligations. During this time, the family partner will appear in the Name(s) drop-down list on the Closing Fees screen.

This box should be unchecked when the family partner has fulfilled their closing fee obligations. When the family partner’s obligation is fulfilled, whenever you select them from the Name(s) list, Keystone asks you whether you want to go ahead and uncheck this box.

The Paying Closing Fees box should remain checked until you have set up a mortgage account for the family and transferred their closing fees to escrow. This ensures an accurate reconciliation of your accounts.

Payments area

Monthly closing fee payments are recorded in the lower portion of the Payments/Payments Due tab.

NS (Non-Standard) - only check this box for non-standard payments, which are payments that should have no effect on the family partner’s payment status. For example, when closing fees are transferred to escrow, this is a process independent of the family partner’s monthly payments.
Date Due - should always be the first day of the month. The due dates for payments start with the First Payment Date defined on the Administration tab on this screen and continue on the first of each month until the family partner has fulfilled their closing fee obligation.
Date Paid - the date the payment was made by the family.
Payment Method - indicates the form of payment, which can be any of the payment methods defined in Affiliate Setup.
MethodID - may be used to record the check or money order number.
Amount - the monetary amount of the payment. If a family fails to meet your affiliate’s policy regarding closing fee payments and as a result payments are restarted from zero, the refunded amount may be recorded as a negative amount and a new First Payment Date should be entered.
Notes - use to record any notes related to the payment. Double-click the field to open a larger editing window for the note.

Summary totals area

Summary totals for the closing fees are located on the upper-right side of the Payments/Payments Due tab.

Total Due - displays the total amount of all closing fees due from the family partner for the entire closing process.
Paid to Date - displays the total amount the family partner has paid in closing fees to date.
Remaining Bal. - displays the amount the family partner has left to pay to meet the Total Due obligation.

The Total Due is calculated based on the information on the Administration tab on this screen. It is the product of the monthly closing fees payment and the number of months over which the family partner will make these payments.

Post To Escrow Payments button

When the family partner has paid all closing fees and their mortgage account has been set up, you can click the Post To Escrow Payments button. This will transfer the total of the closing fees to the family partners escrow account. Keystone makes an entry for the transfer in the family partner’s record on the Closing Fees screen and then enters a non-standard escrow payment entry for the family in their mortgage record on the Payments screen.

The Paying Closing Fees check box should be unchecked at this time.

When Keystone encounters a family partner whose total amount paid (from the Paid To Date field) has reached the total required (from the Total Due field), you are alerted by a dialog box and given the option of allowing Keystone to uncheck this box for you.